Starting from September 4, 2024, EFTs to Namibia, eSwatini, and Lesotho will be halted for Standard Bank customers due to new SARB regulations. Personal clients can still make payments at Forex branches, while business clients must submit a BOP form and payment request to Standard Bank.
Beginning September 4, 2024, customers of Standard Bank in South Africa will see significant changes to their ability to execute Electronic Fund Transfers (EFT) to Namibia, eSwatini, and Lesotho. This adjustment stems from new regulatory measures established by the South African Reserve Bank (SARB). Personal banking clients will retain the option to perform cross-border transactions to these nations by visiting designated Forex branches. Here, they can process payments at the Foreign Exchange Teller/Desk. Conversely, business clients will adhere to a different protocol, necessitating the completion of a Balance of Payments (BOP) form and submitting a payment request to Standard Bank for processing their transfers.
The cessation of EFTs from South Africa to Namibia, eSwatini, and Lesotho is a pivotal regulatory change impacting cross-border transactions within the Common Monetary Area (CMA). The South African Reserve Bank has mandated these alterations to enhance control over foreign exchange flows and align with existing economic policies. As a result, customers must adapt to new procedures for conducting payments, distinguishing between personal and business client requirements. This move reflects ongoing efforts within the financial sector to regulate cross-border financial interactions more stringently, especially as digital payment systems evolve.
In summary, effective September 4, 2024, Standard Bank customers will no longer conduct EFTs to Namibia, eSwatini, and Lesotho, following new regulations from the SARB. Personal customers will utilize Forex branches for payments, while business clients must navigate additional requirements like the BOP form. This development underscores the SARB’s commitment to refining cross-border payment processes and regulatory frameworks within the CMA.
Original Source: techafricanews.com
